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Figure 7.10 The Republic of Cyprus' trade with Greece; percentage share of total, 1976-92. 50% 45% 40% 35% + 30% 25% 20% 15% -- • Greece's % share of Imports ® Greece's % share of Exports 10% -- 0% 4 1976 1978 1980 1982 1984 1986 1988 1990 1992 Source: Economic Reports, 1982-92, Mininstiy of Finance, Nicosia. Greece is relatively insignificant, in international trade terms, with the south (Figure 7.10) whereas trade with Turkey is a crucial part of the north's total international trade (Figure 7.9). Granted they are differently sized économies and the "sanctions" may have made a contribution to the trade profile, though the "sanctions" do not seem to have affected trade with the north's largest single export market, the UK (see Figure 5.25). Either way this politically rather than market driven trade may be another feature in the search for an explanation for divergent economic performance in Cyprus, after the emergence of two distinct, non-communicating économies. It may also say something about sustainability, the south being more closely linked to the dynamic forces of international trade while the north has been linked to less dynamic regional forces. Figures 7.11 and 7.12 (below) reveal the same information as Figures 7.5 and 7.6, after trade with respective "motherlands" has been deducted. The degree of openness to international trade in the two de facto économies between 1976-92, no longer looks similar, even when its composition is ignored. Ultimately, more state sector involvement in the economy, less investment and less openness to international trade, may offer an explanation as to why the economy under Turkish-Cypriot control performed worse than the economy under Greek-Cypriot 360
control. There seems to be ampie explanation for the divergence in economic growth rates highlighted in Figure 7.1 before having to consider separately the unique political Problems facing the Turkish-Cypriot economy, although they must be acknowledged as contributing factors. Figure 7.11 "TRNC", netforeign trade as a % of GNP, excluding trade with Turkey, 1976-92. 50% j 45% -- 40% -- 35% - 30% -- 25% -- j— Ii— |~~1 fiiüj 20% -- in |[|| (¡i ¡¡i ¡i n un ¡i ¡i ¡¡I m 15 % " fi II Ii! II 11 II 11 Iii II IUI llf III ¡III IIS III ¡III 10% -Jj| ¡¡I ¡¡I II (I II in ¡i ¡I ¡¡i ¡¡i ¡¡¡i (I im ¡i ¡i ¡i 5% ""IUI ¡IIS III IUI Iii! III ¡¡¡III ¡III ¡Iii III ¡lili IUI: II Iii III III ¡Ii! o% iiil |¡i| liiWiW[W11* 1 "'iWi' aw 'iWil Mia li' ilw lil |IMSI 'i' liä| lil :il| ll 1976 1978 1980 1982 1984 1986 1988 1990 1992 Source: "Statistical Yearbooks", 1982-1993, "State" Planning Organisation, north Nicosia. Figure 7.12 Republic ofCyprus, netforeign trade as a % of GNP, excluding trade with Greece, 1976-92. 50% T 45% -- 1976 1978 1980 1982 1984 1986 1988 1990 1992 Source: Economic Reports, 1982-92, Ministiy of Finance, Nicosia. 361
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ACKNOWLEDGEMENTS I would like to th
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ABSTRACT This thesis examines the e
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Table Of Contents Page Change in ec
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List Of Figures 2.27 Revenue from t
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List Of Figures 5.25 Main destinati
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List Of Figures 7.8 The degree of o
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List Of Tables 6.7 All island, Gree
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This thesis will examine the econom
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Vassiliou's classic work 5 publishe
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As many questions raised by economi
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Figure 1.1 The structure of recent
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In terms of the topic of this thesi
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political landmark coincides with a
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were the mechanisms which encourage
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however, Chapter 5 concentrates on
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Defining the title The first priori
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such? Is northern Cyprus simply run
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unlike Greece in 1923, were already
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itself as having been literally und
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economic history, Christodoulou's s
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incurred as a resuit of eonfl ict.
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Christodoulou has concentrated his
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any credit for successful economic
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anking technology, administrative c
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(which usually has a regressive imp
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contribution did labour remittances
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having been inspired by Zetter's in
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econstruction also provided a means
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Conclusion In analysing the extent
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he drew distinct analogies with the
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in Cyprus. The main objective is a
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The war proved a watershed in many
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Uruguay, Japan, Trinidad and Tobago
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financial, property and business se
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By 1960 exports represented over 20
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Table 2.1 Domestic Exports FOB in 1
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the period (1960-73), the différen
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Figure 2.4 Principal exports as a p
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producing 12% of GDP. Tourism (rest
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considerably more than Turkey, whos
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income. Mining and quarrying (now m
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Figure 2.10 Principal exports as a
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Figure 2.12 The Destination of the
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Figure 2.14 Ambiguous indicators: T
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Figure 2.15 Sìze of manufacturing
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By 1980 the economy of the Republic
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The scale of the disruption in the
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Whether taking the optimists approa
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financing from financial markets pi
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grew rapidly. In the immediate afte
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One of the major problems facing th
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coming, only concerning policy make
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with particular bottlenecks affecti
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"We attributed this finding to the
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aiding the recovery from the coup a
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employment: rapidly rising real ear
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Until the intervention of public fi
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to pick the Republic of Cyprus as t
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of offshore companies registered in
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Figure 2.27 Revenue from the offsho
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Figure 2.29 The changing compositio
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The structure of the economy, the c
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CHAPTER 3. The foundations of Takis
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Famagusta enclaves would be over-ru
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The historical context of separate
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generally concentrated in the lower
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agreed Constitution. Seemingly Clar
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séparation of the communities bega
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UN. 37 Some additional supplies mus
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Seemingly, by 1970 the Nicosia encl
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was made on the basis of a fixed in
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derived from Turkish transfer payme
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Patrick has offered a more complica
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spare parts and maintenance materia
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Emphasising the growing divisions b
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Chamber, Rauf Denktash, said people
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Figure 3.2 Thepossible economic eff
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produced by them rises significantl
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Committee" was the area military co
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February 1975 the latter bodies set
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The first five-year pian, published
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CHAPTER 4. The construction of a Tu
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Whilst the Turkish-Cypriot leadersh
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of supply, and/or marketing, in key
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shipment of 2000 tons of foodstuffs
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Eti still operateci out of Nicosia,
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institutions in northern Cyprus amo
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with multipurpose co-operatives, a
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A few new co-operatives were formed
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loans. Savings Banks do have access
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espectively. The Famagusta branch w
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Cypriot) Government in the 1960s, t
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increasing costs 31 . This is perha
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packages imported raffinate, supply
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a monopoly respectively. Where ther
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Evkaf is an Islamic organisation fo
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Evkaf had a largely obscure economi
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Meanwhile a little noticed phenomen
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After the summer of 1974, the Turki
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monitored Ledra Place check-point,
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the early eighties, when Turkish ar
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Figure 4.3 Number of tourists from
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the situation that had existed prio
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stay arrivais or diminish with the
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competing with the longer establish
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flexibility of family business stru
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Ltd., Turkish-Cypriots eventually g
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dominateci by: textiles, footwear a
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force of national cohésion, change
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Figure 4.9 Main Citrus Exporters in
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Ismail Bozkurt (who secured 32.1% o
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Table 4.9 Citrus exports from north
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Ultimately the failure to act on pr
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CHAFTER 5: Re-establishing economic
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prospects of their respective de fa
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Figure 5.1 Change in Cypriot GDP as
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{0 perceive the de facto situation
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Turkey maintains that her objective
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parliament during the unstable peri
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case study, he argues that given en
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Specifically, it is analysis of nat
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imports (Figure 5.5). The extent to
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(which includes the increasingly im
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If "a leading sector in the process
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Just to put minds at rest that manu
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encouraged private sector action, t
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Figure 5.13 Gross domestic fixed ca
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major economic force, one that was
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they account for around a third of
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dominates international transfer pa
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a "development resource" 54 , rathe
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able to spearhead a revival aided,
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path, policy objectives moved to co
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overwhelming dependence on a genera
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In the difficult times that followe
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independence from total Turkish fin
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Figure 5.20 Orange production as a
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e exchanged for new "TRNC" (or, as
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Unlike the vineyards where most of
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Although not important in the initi
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Having said this, constant improvem
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compensation arrangements in the no
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some of the labour intensive stages
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Figure 5.24 Proportion of citrus ex
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to treat exports from the whole of
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seem more politically motivateci an
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Figure 6.1 Percentage change in GNP
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initially. The more immediate probl
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historical phenomena (large externa
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It has been argued that if politics
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share of National Income to somethi
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Figure 6.6 Communal income in 1980,
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Selecting peers as proxies for pan-
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growth potential to Cyprus in 1960,
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was that compatible data should be
Page 311 and 312: Figure 6.9 Micro Economies; average
Page 313 and 314: Figure 6.11 Micro Economies; averag
Page 315 and 316: Figure 6.13 The level of government
Page 317 and 318: Figure 6.14 "More Developed Medìte
Page 319 and 320: Figure 6.17 "More DevelopedMediterr
Page 321 and 322: Cypriot growth rate, should not dis
Page 323 and 324: Figure 6.22 Structure of production
Page 325 and 326: Figure 6.26 Degree of openness in t
Page 327 and 328: economic growth 49 (variables 6-9:
Page 329 and 330: implication, developmental différe
Page 331 and 332: spectrum in 1980 at 38%. Perhaps le
Page 333 and 334: namely investment rates 54 (in phys
Page 335 and 336: instruments, the justification for
Page 337 and 338: Figure 6.28 Average annual growth i
Page 339 and 340: Figure 6.29 How Cyprusfared in 1980
Page 341 and 342: Figure 6.30 Total Cypriot income 19
Page 343 and 344: o.zö; may reveai someimng 01 ine e
Page 345 and 346: developments elsewhere. The relativ
Page 347 and 348: unified economy) of 1963, Cyprus is
Page 349 and 350: CHAPTER 7. Conclusion 348 Comparati
Page 351 and 352: Turkish-Cypriot economy stagnateci.
Page 353 and 354: So it is worth looking again at the
Page 355 and 356: stand out however, revealing enough
Page 357 and 358: Figure 7.3 Gross domestic investmen
Page 359 and 360: Figure 7.5 "TRNC netforeign trade a
Page 361: Figure 7.8 The degree of openness i
Page 365 and 366: The role of tourism in the economic
Page 367 and 368: seem to be able to grow in line wit
Page 369 and 370: Comparisons throughout this thesis
Page 371 and 372: The Cyprus Mail Hellenic Group. Nic
Page 373 and 374: I.M.F. International Financial Stat
Page 375 and 376: 1982. Fourth Emergency Economic Act
Page 377 and 378: "Turkish Federated State of Kibris"
Page 379 and 380: leadership of the two communities o
Page 381 and 382: "administrations" and key economic
Page 383 and 384: Bicak, H.A. (June) 1990. "The Impac
Page 385 and 386: Hudson, J. and Dyniotou-Jensen M. 1
Page 387 and 388: Mcdonald, R. 1989. The Problem of C
Page 389 and 390: Solsten, E. (ed.) 1993. Cvprus: A c
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